Aztec Oil & Gas announced further successes in its drilling venture with Texas Secondary Oil Corporation. Aztec and Texas Secondary signed agreements late last year to drill and develop the prolific Olmos formation on numerous leases, fields and drillsites located in and around Medina County, Texas. Partnering 50/50 with Texas Secondary, (a private company that started drilling in the South Central Texas area some 40 years ago), puts Aztec's shallow, developmental drilling program in a very advantageous position.
"We have just finished successfully drilling 12 of our first 18 wells, with 5 of those wells already fraced and in production. The other 7 drilled wells are being fraced and put into production immediately while drilling continues on the remaining 6 drill sites," said Aztec President, Waylan Johnson.
This is one of several agreements Aztec has established for several Texas counties in a continuation of its sponsored, shallow, developmental drilling programs sold to accredited investors through FINRA registered Broker Dealers and Registered Investment Advisors. With better than expected results of initial production, Aztec is finalizing agreements to drill up to 100 locations and plans to have a second drilling rig running non-stop within the next few weeks.
"By creating ventures with local drillers and operators that have been successful for many years in core areas, Aztec can generate many years of inventory of drilling locations that fall well within our conservative model for risk vs. reward," added Mr. Johnson.
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